European banks harder hit by credit crunch

The Financial Times reports:

European banks have now suffered considerably more losses because of the credit crunch than their US rivals, even though the turmoil was first triggered by problems in the US subprime mortgage market.

Of the $387bn in credit losses that global banks have reported since the start of 2007, $200bn was suffered by European groups and $166bn by US banks, according to data from the Institute of International Finance, a Washington-based banking group.

No word yet from social-Democrat Robert Kuttner on this one.